Ukrainian economy to grow by 3.5% in 2020 – NBU

Ukrainian economy to grow by 3.5% in 2020 - NBU

30.01.2020 15:35

The National Bank of Ukraine (NBU) expects Ukraine’s economic growth to accelerate to 3.5% in 2020 and to 4% in the coming years.

NBU Governor Yakiv Smolii said this at a press conference on Thursday, January 20, according to an Ukrinform correspondent.

“Economic growth will accelerate from 3.3% last year to 3.5% this year, and to about 4% in the coming years,” Smolii said.

He noted that this would help ease monetary policy. High levels of private consumption and investment will remain a major driver of economic growth. At the same time, the contribution of net exports to GDP will continue to be negative due to the significant needs of the real economy in investment imports.

“The rather high growth rates of real income of the population will also cause a further narrowing of the wage gap in comparison with neighboring countries. This will continue to increase the interest of Ukrainians in finding a job in Ukraine, rather than abroad,” Smolii said.

According to the World Bank forecast, Ukraine’s gross domestic product will accelerate to 3.7% in 2020 and to 4.2% both in 2021 and 2022.

The European Bank for Reconstruction and Development estimates Ukraine’s GDP growth to reach 3.5% in 2020.

According to the macroeconomic forecast of the Ukrainian Finance Ministry, the country’s GDP is to grow by 3.7% in 2020.


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